SnoFox – a leading business intelligence tool that provides data analytics for the global cold chain – recently announced its $4.5 million seed round led by Voyager Ventures, bringing total funding to $5.7 million. The funding round includes Pale Blue Dot, Ponderosa Ventures, and Mudcake participation.
SnoFox will use the funding to reach new customers in more markets across the US and hire new talent as demand for energy efficiency grows within the global cold chain. The company is officially launching from stealth mode and already has a strong track record of delivering value to customers.
The cold supply chain plays a vital role in combating food insecurity, medication storage, reducing energy waste, and drives agricultural livelihoods and economies. However, current cold chain technology is outdated.
The average cold storage facility is 42 years old and 78% of those facilities were built before 2000. An estimated 14% of all food produced for human consumption is lost before it reaches consumers, with inefficient refrigeration being the primary factor. Outdated facilities lack modern intelligence tools to leverage machine learning and deep analytics for precise system maintenance and measurement. And the SnoFox software platform leverages existing refrigeration data, proprietary algorithms, and remote technology to extract insights, enhancing cold storage warehouse efficiency without needing additional hardware.
A cold storage facility can spend over $1 million a year on electricity. And cooling processes alone can account for 60-70% of the total electricity demands in a warehouse. This is crucial for financial and environmental reasons to enhance efficiency and reduce the energy expended on temperature control. Utilizing existing facility data and their proprietary algorithms, SnoFox provides advanced analytics solutions that precisely identify areas within cooling systems that can be improved to increase energy efficiency significantly, ultimately reducing waste and creating a sustainable cold chain.
SnoFox is planning to soon have 10 facilities across 7 U.S. states pioneering its technology for advanced machine learning and business intelligence in their warehouses. And with SnoFox’s data-driven insights, cold storage facilities are empowered to make changes that improve facility cooling efficiency by up to 40%. For more information, please visit snofox.com.
KEY QUOTES:
“Every consumer in America relies on the cold supply chain, whether they realize it or not. From food to vaccines, so many valuable resources are wasted due to energy inefficiency. By optimizing the energy consumption within the cold chain, we can significantly reduce waste, ensuring that precious resources are utilized efficiently and sustainably. I am incredibly proud of our exceptional team at SnoFox, whose relentless dedication and innovative solutions have paved the way for a greener, more sustainable future. With the support of our investors, partners, and our remarkable team, SnoFox is poised to revolutionize the global cold chain and usher in a future where sustainability and efficiency go hand in hand.”
— Ben Rubin, CEO and co-founder of SnoFox
“We were impressed with SnoFox’s innovative approach to harnessing real-time insights and predictive analytics, and are thrilled to invest in the company as it transforms the entire logistics landscape. With its unique capabilities, SnoFox is addressing critical pain points and unlocking tremendous value for stakeholders across the supply chain. We are excited to propel SnoFox’s vision to enable customers to save energy and slash carbon emissions and costs, and to support their journey in driving the future of cold chain analytics.”
— Sarah Sclarsic, Founding Partner at Voyager Ventures
